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ENDING YOUR AGREEMENT.
In this section you can find the answer to questions you may have about ending your finance agreement. If you can’t find a suitable answer, or would like further information, please contact us.
ENDING YOUR AGREEMENT.
In this section you can find the answer to questions you may have about ending your finance agreement. If you can’t find a suitable answer, or would like further information, please contact us.
ENDING YOUR AGREEMENT EARLY.
If you decide that you’re ready for a change earlier than you expected, you can pay off your Agreement early at any time by paying the settlement figure.
Obtaining your Settlement Quotation.
You can obtain the settlement figure by logging into your MyBMW Finance account. Alternatively contact us via our online contact form, email, or post.
WITHDRAWING FROM YOUR FINANCE AGREEMENT.
Depending on your agreement type, you may have the right to withdraw from your Finance Agreement within 14 days of signing, by paying back the balance financed, plus any interest. You will need to make this payment within 30 days of notifying us. Once the notification has been received it is not possible to reverse the transaction.
If you are thinking of withdrawing from your Finance Agreement please call our Customer Services Centre.
VOLUNTARY TERMINATIONS.
If you have a regulated BMW Select or a BMW Hire Purchase agreement you have the right to end the agreement at any time, known as voluntary termination.
You must hand back the vehicle and pay the balance to one half of the total amount due under your agreement (if you have not already paid at least one half) and in addition any arrears, excess mileage and damage charges.
Details of this right are set out in your agreement under “Termination: Your Rights”.
Are you thinking of voluntarily terminating your Finance Agreement?
To generate a Voluntary termination quote, please login to your agreement through MyBMW Finance. If you choose to voluntary terminate your agreement you must also pay for any excess mileage or damage deemed to be outside of fair wear and tear.
For full details of the fair wear and tear guidelines, and the process should you choose to return your BMW, please go to Returning your BMW.
If you are thinking of voluntarily terminating your Finance Agreement please contact our BMW Customer Services team.
YOUR END OF AGREEMENT OPTIONS.
Your end of agreement options vary depending on which type of finance agreement you have chosen. Here we have detailed your options, but if you have any questions or would like to discuss your options further please contact us.
Own a new BMW
The simplest way to get into a new BMW is to part exchange your current one**.
Go to BMW or visit your local BMW Centre and take a look at the latest range and finance offers.
Keep your current BMW
If you want to keep your BMW, simply pay your final payment (including the option to purchase fee) and you will own your car outright*.
If you would like to spread the costs of the final payment, please contact one our finance specialists at your local BMW Centre or contact us directly.
Return your BMW at the end of your agreement
With your BMW Select finance agreement you have the option to hand your car back before the optional final payment*** falls due.
You will need pay all the regular monthly payments and the final part of your credit arrangement fee, if any. For full details about the process, should you choose to return your BMW, please click here.
Terms and conditions.
*The optional final payment (together with an option to purchase fee) are payable at the end of the agreement if you decide to purchase the vehicle. We remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.
**If you part exchange the vehicle for a new BMW, any surplus in the vehicle’s part exchange value over the optional final payment (and option to purchase fee) can be used as a deposit towards a new BMW.
***If the vehicle’s value is less than the optional final payment, you can hand it back to us without paying the optional final payment. However additional charges may be payable for both excess mileage (actual mileage higher than agreed contract mileage) and vehicle condition (using the standards set by the British Vehicle Rental and Leasing Association BVRLA vehicle condition guide). If your agreement is regulated by the Consumer Credit Act, this contractual option will be in addition to your statutory right to end the agreement early.
Finance is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised finance is provided by BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.
With BMW Contract Hire, you enjoy hassle-free motoring. At the end of your agreement, we’ll write to you reminding you that your hire period is due to end soon, and we’ll arrange for the collection of your BMW*.
You can then choose to hire another BMW through your local BMW Centre.**
For full details about the process of returning your BMW, please go to Returning your BMW.
Terms and conditions.
BMW Contract Hire is not available on used cars. We remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.
*If the rate of VAT changes during the hiring period, BMW Financial Services may change the rental charges. The amount of VAT you can reclaim depends on your businesses VAT status.
**Additional charges may be payable for both excess mileage (actual mileage higher than contract mileage) and vehicle condition (British Vehicle Rental and Leasing Association Standards).
Hire is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised hire is provided by BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.
BMW Hire Purchase is a simple and straightforward way to purchase your BMW. We’ll write to you to remind you that your agreement is due to end soon. Simply make the final payment, which includes the Option to Purchase Fee, and providing that all other payments have been made, you will become the owner of your BMW*.
If you pay by direct debit, this amount will be debited automatically from your account on the agreed end date.
Terms and conditions.
*Provided you have made all of the necessary payments due under your agreement, including an option to purchase fee at the end. Please note, we remain the owner of the vehicle during the agreement and we may become entitled to recover the vehicle if you do not keep up your repayments.
Finance is subject to status and available to over 18s in the UK only. Guarantees and indemnities may be required. Advertised finance is provided by BMW Financial Services (GB) Limited, Summit ONE, Summit Avenue, Farnborough, Hampshire GU14 0FB.